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Forex News: U.S. Dollar Weakens As Fed Decision In Focus

U.S. Dollar Weakens As Fed Decision In Focus

11/01/2022 - 04:24:00 (RTTNews)

(RTTNews) - The U.S. dollar was lower against its major counterparts in the Asian session on Tuesday, as investors await the Federal Reserve's policy meeting for any indications of a slowdown in the pace of rate hikes in the coming months.

The Fed decision is due on Wednesday, with economists expecting a rate hike of 75 basis points for a fourth consecutive meeting.

All eyes are on Fed Chief Jerome Powell's news conference for clues regarding the likelihood of a pivot by the central bank.

Markets expect that the central bank may slow down the pace of tightening from next month.

The Labor Department will release U.S. jobs report for October on Friday. Economists expect a job growth of 200,000 in October, down from an increase of 263,000 jobs in September.

The greenback touched 4-day lows of 147.50 against the yen and 1.3549 against the loonie, down from its early highs of 148.83 and 1.3626, respectively. The currency is seen finding support around 120.00 against the yen and 1.32 against the loonie.

The greenback edged down to 0.9971 against the franc and 0.9939 against the euro, after climbing to 1.0021 and a 1-week high of 0.9871, respectively in early deals. The greenback is poised to find support around 0.96 against the franc and 1.07 against the euro.

The greenback depreciated to 0.5878 against the kiwi, its weakest level since September 22. Should the greenback drops further, it may face support around the 0.64 level.

Against the pound, the greenback was lower at 1.1550. On the downside, 1.27 is likely seen as its next support level.

The greenback wobbled against the aussie, after hitting a 4-day low of 0.6447 at 11 pm ET. The pair had finished Monday's deals at 0.6397.

Looking ahead, U.S. construction spending for September and ISM manufacturing index for October will be out in the New York session.

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